Cardano

Shift

Gains

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/cardano-price-overcomes-resistance-eyes-further-gains/" data-wpel-link="internal">Cardano Price Overcomes Resistance, Eyes Further Gains</a><br></p>
<p class="p1" style="text-align: justify"><strong>Cardano’s</strong> <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">price</a>, overcoming a month-long resistance line, could sustain a rise above $0.5. The price of Cardano continues to be influenced by investor behavior, which could prove to be its savior. A notable shift from short-term to medium-term <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">investors</a> in supply was observed. While short-term investors tend to hold their assets for less than a month, medium-term investors hold their assets for up to a year.</p> 
<h2 class="p1" style="text-align: justify" id="what-s-happening-on-the-ada-front">What’s Happening on the ADA Front?</h2> 
<p class="p1" style="text-align: justify">Within three weeks, the supply held by short-term traders dropped from 21.64% to 14.23%. This drop below 15% could be evidence that investors’ faith in holding <a href="https://en.coin-turk.com/cardano-fights-secs-accusation-of-being-a-security-ada-and-other-altcoins-face-strong-sell-off/" data-wpel-link="internal">ADA</a> rather than selling is increasing. At the same time, medium-term holders now control 50.63% of all ADA supply. This is significant as short-term investors are more prone to selling, and their shift to medium-term is a sign of trust.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-350085 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/intotheblock-1.webp" alt="" width="1200" height="800"></p> 
<p class="p1" style="text-align: justify">As seen in the Market Value to Realized Value (MVRV) ratio, this rise could potentially increase going forward. The MVRV ratio assesses an investor’s profit or loss. Cardano’s 30-day MVRV fell by 8.4%, indicating losses and potentially leading to accumulation.</p> 
<p class="p1" style="text-align: justify">Historically, ADA corrections occur within an 8% to 18% MVRV range, which could indicate a zone of opportunity. Therefore, if investors choose to add ADA to their wallets, the altcoin could see significant growth.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-350086 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/mvrv.png" alt="" width="1536" height="520"></p> 
<h2 class="p1" style="text-align: justify" id="ada-chart-analysis">ADA Chart Analysis</h2> 
<p class="p1" style="text-align: justify">At the time of writing, Cardano’s price, trading at $0.46, is close to closing above the $0.46 resistance. Turning this into support is crucial for ADA to rise to $0.50. The altcoin has only broken this level twice but never surpassed the month-long resistance of $0.51.</p> 
<p class="p1" style="text-align: justify">With the help of the above clues, Cardano’s price could break this resistance and move towards $0.55 and beyond. On the other hand, another failed breach could cause ADA to fall below $0.46. This would indicate a drop to $0.42, invalidating the bullish thesis and potentially sending ADA to the $0.40 level.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-350084 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/ada.webp" alt="" width="1804" height="771"></p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/cardano-price-overcomes-resistance-eyes-further-gains/" data-wpel-link="internal">Cardano Price Overcomes Resistance, Eyes Further Gains</a></h5>

Cardano Price Overcomes Resistance, Eyes Further Gains

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